One who intends to leave others better off for his having existed.

1/31/12

Trojan Horse Scam, the Aquatic and Performing Arts Centers?

"...a trojan horse is an ...offer
...designed to draw potential [Marks] by offering them .
..something of value for acceptance, but following acceptance,
the buyer is forced to spend a much larger amount of money,
...by being signed into a lengthy contract, from which exit is difficult...

Think about it.

The harmful consequences faced by the [Mark]
...may include spending far above market rate [or a] large amount of debt...
...the victim of the trojan horse
is likely to end up spending far more money over time,
either through continual withdrawals from the [Mark's indebtedness]
...or add-ons to a bill that must be paid
in order to avoid loss of an object or service of prime importance
(such as [police, fire or energy]).

Think about it.

...Auto-manufacturers and car dealerships
will often advertise free or subsidized gas to car buyers
for a certain amount of time,
but increase the cost of the car in other ways."

Trojan Horse Scam

Didn't the hotel/motel tax get used
to pay part of the Aquatic Center?

Is the plan that once the debt is repaid,
City Council can leverage the re-up
with even more debt?

The last $40 million is being financed
with a variable rate tied to LIBOR
to Limbo under the acceptable parameters?

WTF?

Do most City Council Members know what they are doing?

Do we have a financially illiterate City Council
other than those who know what they are deliberately doing?

Do they intend to use short-term variable rate financing
for the rest?

In the mid 2000s,
I had a real estate agent bring by a good friend
to convince me that borrowing more money to buy a bigger house
with a one year adjustable
was a good idea.

Wanted to take the downpayment
out of an IRA.

Would have had his ass handed to him
by himself
less than two years later.

And Greensboro's City Council
may want to do the same thing only different?

Either they know and meant it,
or they didn't and should have.

How stupid are the people who are reading this
if they don't profoundly object?

Where the fcuk is Greensboro?

1 comment:

W.E. Heasley said...

“Do most City Council Members know what they are doing?”

Yes, no, and they don’t care. They are purposely following a political constituency building exercise through the use of other peoples’ money [taxpayer]. No and they do not care to understand the ramifications as their political time horizon [time in elected office/reelection regarding the next election] means spend now and build a political constituency.

If one ponders the spending/debt situation as outlined above, much of the spending leading to debt are those political constituency building exercise through the use of other peoples’ money that have occurred in the past related to politicos that are now long gone. That is, the taxpayer of today pay for the political constituency building exercises of the past and political constituency building exercises of the present will be paid by taxpayers of the future.